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American Apparel sees sales turnaround


Fashion retailer American Apparel has reported a total net sales increase of five per cent to $141 million (£97 million) in its third quarter results published today.

In the three months ending September 30th 2011, comparable sales also improved, rising three per cent compared to the same period last year.

Earlier this year a refinancing deal was announced by the retailer which saw the struggling company sell approximately 15.8 million shares of common stock at $0.90 a share to a group of private investors led by Canadian financier Michael Serruya and Delavaco Capital.

Since last quarter the company has decreased its bricks and mortar portfolio by closing 31 stores, and it now operates 247 stores in 20 countries compared to 278 stores at the end of the third quarter last year.

Dov Charney, chairman and CEO of the business, said: “We are pleased with our sales performance this quarter and are encouraged with the overall strength of our retail, wholesale and online businesses.

“Comparable store sales were positive in both our store and online channels and we saw a return to solid sales growth in our wholesale channel.

“As we enter what is historically our strongest quarter of the year, we are optimistic that if current sales trends continue we will continue to see substantial improvement in our overall financial performance.”

Published on Thursday 06 October by Editorial Assistant

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